Deep Dives

The Fair Credit Reporting Act (FCRA) impacts every aspect of a U.S. consumer’s life. Consumer reports are obtained by lenders, employers, landlords, and even utility companies, impacting the cost of credit and everyday services, as well as the ability to obtain employment or access housing. It is the subject of regular litigation as well as regulatory enforcement action and thus deserves particular attention. If your business currently obtains consumer reports or plans to obtain consumer reports as part of a new venture, how does the FCRA impact your business and what should you be thinking about?

Introduction  |  April 21, 2021
Fair Credit Reporting Act: Policy Check In – Permissible Purpose  |  May 6, 2021
When is it a Firm Offer of Credit?  |  June 17, 2021

The Bank Secrecy Act (BSA) is the United States’ most important anti-money laundering (AML) regulation that requires banks, money services businesses, FinTechs, and other financial institutions to assist U.S. government agencies to detect and prevent money laundering. To achieve compliance with BSA/AML, financial institutions must navigate a range of regulatory requirements which focus on reporting, liaising with authorities, and building internal anti-money laundering controls. That process involves important considerations that this series will address, such as:

• The scope of BSA and whom it applies to
• Drafting sound BSA/AML policies and procedures
• BSA, Customer Identification Program (CIP), and Office of Foreign Assets Control (OFAC) for “loan or finance companies”
• Suspicious Activity Reports (SARs) for marijuana-related businesses

Introduction  |  September 2, 2021
Podcast: BSA, OFAC, KYC, and CIP – What do they mean to me?  |  September 15, 2021
Webinar: 5 Pillars of BSA Policies and Procedures  |  September 16, 2021